Connexin secures up to £35 million for UK smart water networks
Santander UK and PATRIZIA-managed funds back a financing package with additional borrowing capacity.
Connexin announced up to £35 million in financing capacity on October 15 to expand its UK smart water meter network. The package combines Santander UK facilities with financing from PATRIZIA-managed funds.
It comprises a £10 million Santander facility, a £5 million revolving trade line, £10 million from PATRIZIA-managed funds and a £10 million accordion facility. The headline figure includes potential additional capacity; it does not represent confirmation that the full amount has been drawn.
The Hull company connects smart meters and analyzes consumption through ConnexinOS. The rollout is intended to give water utilities better information for detecting leaks and managing demand.
Use of funds
Deploy and expand UK smart water meter network